In a Thursday tweet, Education Secretary Miguel Cardona announced that "30K+ borrowers will get an estimated $3B forgiven." Of that, "Roughly 10K have already had $715M discharged" with another 20,000 to follow.

"This is fantastic news for those who will have their debts cancelled and demonstrates how the Biden administration has the power to make life better for all people with student debt," Mike Pierce, executive director at the Student Borrower Protection Center, told Yahoo Finance. "With payments currently set to restart in less than 90 days, there is much more work to be done for our public servants and all Americans with student loan debt."

Created by Congress in 2007, the PSLF program supplies taxpayer dollars for government and non-profit employees - including teachers, nurses, service members, first responders and other public service workers with federally-backed student loans to apply for forgiveness after providing proof of 120 monthly payments under a qualified repayment plan.